How Not Using a Currency Transfer Company Can Be Losing You Money!

I am continually surprised how many people, moving to Spain, tell me they haven’t even considered using the services offered by a currency transfer company.

It seems to me that too many people believe that their UK bank will give them the best available exchange rate.

Will they?

I don’t know for certain, but I seriously doubt it.

If your bank offers you the best exchange rate, what charges are incurred?

If your bank advertises a “no charge on foreign currency transfers” service, what exchange rates do they offer?

It is vital that you ask these questions before deciding whose services to use.

The fact is, people are often so busy trying to save pennies (or centimos 😉 ) on smaller transactions that they are losing pounds (or euros) on others. This is particularly true when buying property.

I really feel that anyone planning to move to Spain or buy property in Spain should get a quote from at least one Currency Transfer Company.

Are you planning to buy a property in Spain?

Are you planning to move to Spain?

Do you live in Spain and regularly transfer funds from your UK account?

Do you live in Spain and use a UK bank card for purchases or to withdraw cash?

If you answered “yes” to any of those questions, you may get a shock when you realise how much money you have “given away”.

Don’t dwell on the past, take action now and improve your future.

The following infographic demonstrates how interest rate changes can affect relative costs between Sterling and Euros when living in Spain or buying property in Spain. The rates used in this example are quite different, but it will serve to highlight my point.

In future monthly posts, we will publish current comparative prices, based on actually daily rates.

For this example, we are showing you the comparative cost of items in Spain, when the UK exchange rate changes from 1.1€ to 1.4€ to the pound …

A currency transfer company can save you a lot of money. They watch the rates and can guide you as to when is the best time to transfer funds.